VF Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jul. 04, 2015

Shares Held for Deferred Compensation Plans

Balances related to shares held for deferred compensation plans are as follows:


In millions, except share amounts	June 2015		December 2014		June 2014
Shares held for deferred compensation plans		565,549		637,504		695,204
Cost of shares held for deferred compensation plans	$	6.7	$	7.7	$	8.2

Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity

The deferred components of OCI are reported, net of related income taxes, in accumulated other comprehensive income (loss) in stockholders’ equity, as follows:


In thousands	June 2015			December 2014			June 2014
Foreign currency translation	$	(599,297	)	$	(356,941	)	$	70,525
Defined benefit pension plans		(360,125	)		(377,134	)		(264,187	)
Derivative financial instruments		45,796			31,389			(38,684	)
Marketable securities		—			414			134

Accumulated other comprehensive income (loss)	$	(913,626	)	$	(702,272	)	$	(232,212	)

Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:


	Three Months Ended June 2015
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2015	$	(603,022	)	$	(367,841	)	$	67,757		$	714		$	(902,392	)

Other comprehensive income (loss) before reclassification		3,725			—			(12,813	)		—			(9,088	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			7,716			(9,148	)		(714	)		(2,146	)

Net other comprehensive income (loss)		3,725			7,716			(21,961	)		(714	)		(11,234	)

Balance, June 2015	$	(599,297	)	$	(360,125	)	$	45,796		$	—		$	(913,626	)


	Three Months Ended June 2014
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2014	$	97,060		$	(270,830	)	$	(36,223	)	$	504		$	(209,489	)

Other comprehensive income (loss) before reclassification		(26,535	)		—			(6,957	)		(370	)		(33,862	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6,643			4,496			—			11,139

Net other comprehensive income (loss)		(26,535	)		6,643			(2,461	)		(370	)		(22,723	)

Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)


	Six Months Ended June 2015
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2014	$	(356,941	)	$	(377,134	)	$	31,389		$	414		$	(702,272	)

Other comprehensive income (loss) before reclassification		(242,356	)		—			28,469			300			(213,587	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			17,009			(14,062	)		(714	)		2,233

Net other comprehensive income (loss)		(242,356	)		17,009			14,407			(414	)		(211,354	)

Balance, June 2015	$	(599,297	)	$	(360,125	)	$	45,796		$	—		$	(913,626	)


	Six Months Ended June 2014
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2013	$	106,647		$	(277,451	)	$	(41,754	)	$	838		$	(211,720	)

Other comprehensive income (loss) before reclassifications		(36,122	)		—			(4,714	)		(704	)		(41,540	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			13,264			7,784			—			21,048

Net other comprehensive income (loss)		(36,122	)		13,264			3,070			(704	)		(20,492	)

Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) are as follows:


In thousands	Affected Line Item in the
Details About Accumulated Other	Consolidated Statements	Three Months Ended June				Six Months Ended June
Comprehensive Income (Loss) Components	of Income	2015		2014		2015		2014
Amortization of defined benefit pension plans:
Net deferred actuarial losses	^(a)	$	(15,495)	$	(9,389)	$	(30,992)	$	(18,773)
Deferred prior service costs	^(a)		(759)		(1,362)		(1,521)		(2,724)
Pension settlement charge	Selling, general and administrative expenses		(1,592)		—		(1,592)		—

	Total before tax		(17,846)		(10,751)		(34,105)		(21,497)
	Tax benefit		10,130		4,108		17,096		8,233

	Net of tax		(7,716)		(6,643)		(17,009)		(13,264)

Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales		(11,790)		(1,542)		(28,845)		118
Foreign exchange contracts	Cost of goods sold		22,123		(4,339)		41,491		(9,703)
Foreign exchange contracts	Other income (expense), net		6,139		(507)		12,974		(1,215)
Interest rate contracts	Interest expense		(1,069)		(1,019)		(2,122)		(2,023)

	Total before tax		15,403		(7,407)		23,498		(12,823)
	Tax benefit (expense)		(6,255)		2,911		(9,436)		5,039

	Net of tax		9,148		(4,496)		14,062		(7,784)

Gains (losses) on sale of marketable securities	Other income (expense), net		1,177		—		1,177		—
	Tax expense		(463)		—		(463)		—

	Net of tax		714		—		714		—

Total reclassifications for the period	Net of tax	$	2,146	$	(11,139)	$	(2,233)	$	(21,048)

^(a)	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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